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At some point in the future, this round-up will start with something unrelated to the pandemic or spring buying season, but this isn’t this week. Those things still dominate the forces in the real estate and mortgage industry, and here’s what you need to know about what goes on.
1. How to be competitive in a tight real estate market
The US is in the middle of a historic one Housing shortage. According to the National Association of Realtors, the national real estate market is close to 3 million homes. It will be a while before this loophole is closed. So if you are looking to buy, here’s what you should know.
2. Where did people move in the pandemic? Not far.
While it was Popular To get out of the crowded parts of the cities, most moving companies stayed nearby and went to neighborhoods or other parts of a subway area with a little more space and more affordable housing. Data from the United States Postal Service and a survey by Bankrate / YouGov showed that young people are most likely to move and that being close to friends and family was a key motivator in 2020.
3. Why Rising Mortgage Rates Don’t Lower House Prices
Low mortgage rates were a major contributor to soaring house prices in 2020, but even if interest rates rise, house prices are unlikely to rise fall down sometime soon. Mortgage rates are still very low by historical standards and the lack of available homes is keeping the market tight.
4. How more black real estate agents could improve black home ownership rates
black Home ownership has been in decline since the Great Recession, and that has had an impact on community prosperity now and across generations. The National Association of Real Estate Brokers has partnered with HomeLight in an attempt to expand the number of black real estate professionals to help more black people realize the American dream.
5. Women are burdened more on mortgages. Here are the states where the price is worst.
A number of factors, including generally lower wages, contribute to women receiving poorer mortgage deals. Some states are worse for female borrowers than others. Mississippi, Alabama, and Ohio are the three most expensive states where women can get their own mortgages.
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